Friday, August 5, 2016

Cheap Labor recovery: Since 2014 US has added half a million waiters and bartenders and no manufacturing workers-Zero Hedge. (US is obedient puppy dog of Wall St and globalist fat cats. It's who we are)

"As part of our monthly tradition showing the gaping disparity in the quality of the US
labor market,we present the breakdown between the lowest paid jobs
available, those for workers in "food services and drinking places",
also known as waiters and bartenders, and compare them to the number of workers in the traditionally best paid sector, manufacturing.

This
explains why contrary to the BLS's seasonally adjusted models
optimistically showing a pick up in wage growth, the US economy has so
far failed to observe any form of benign demand-pull inflation.

Back in January, the ECRI's Lakshman Achuthan’s made a troubling observation.
The sustained decline in the official jobless rate – now near the Fed’s
estimate of “full employment” – is a misleading indicatorof labor
market health, he said.

Indeed, the stagnation in nominal wage
growth is consistent with the weakness in the employment/population
(E/P) ratio. After dropping to three-decade lows in the wake of the
Great Recession, the E/P ratio has barely improved since the fall of
2013, reversing only a quarter of its decline from its pre-recession
highs.

Furthermore – as a breakdown of theE/P ratio by education level
shows – even this modest improvement is illusory.